H2 Green Steel, which aims to make a significant contribution to sustainability worldwide, has increased its capital by €300 million, bringing its total equity to €2.1 billion. The company, which aims to produce steel with 95% lower CO2 emissions instead of producing steel in blast furnaces with coke fuels, has provided nearly 6.5 billion Euros in financing.
Financiers include the Microsoft Climate Innovation Fund, Mube and Siemens Financial Services, while the IMAS Foundation and Just Climate have increased their investments. According to Green Steel, the A series will be completed in 2021 with €86 million and the B1 series in 2022 with €260 million. A €250 million innovation fund was signed between Green Steel and the European Executive Agency for Climate, Infrastructure and Environment (CINEA), which supports the decarbonisation of the steel industry and the transition to green steel.
The EU's climate bank has stated that it aims to achieve net-zero carbon steel production by 2050, emphasizing that green steel production is vital for the steel industry
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